FDBusiness.com

Resilient Interim Performance By ABF

 Breaking News
  • Brexit Deal Vital to Protecting Irish All-island Supply Chains Food Drink Ireland (FDI), the Ibec group that represents the food industry, has said the full implementation of the December Brexit deal was vital to protect complex all-island supply chains. The deal now needs to be put into a binding legal contract, there can be no black-sliding on clearly agreed commitments. At the launch of [...]...
  • GEA Cooling Systems For Pork Production in Russia At the end of last year, the pig slaughter and processing entity Agroeco-Yug signed a contract with the technology group GEA for the supply, installation and commissioning of an extensive cooling system. This plant will be built in the Voronezh region and will be one of Russia’s largest businesses for the slaughter and processing of [...]...
  • Modulfill Bloc FS-C Filler-seamer Block – Krones’ First Block Solution For Cans Premiered This is definitely something new – for the first time, beverage producers can buy, from Krones, an all-in-one solution for filling and seaming cans. This block is packed full of Krones’ knowledge coupled with state-of-the-art technology. Modulfill VFS-C Filler The Modulfill VFS-C is a volumetric can filler, suitable for both small and large output ranges. Depending on [...]...
  • The Best and Worst UK Supermarkets Aldi is the UK’s favourite supermarket for 2018, according to exclusive Which? research. The budget retailer has knocked Waitrose from the top spot, which it held for three years. Sainsbury’s finished in last position, with the least-satisfied in-store customers overall. Asda, Morrisons and Tesco, the other three largest supermarkets, complete the bottom half of the rankings. The [...]...
  • Branded Sales Outpace Own Label For First Time Since 2014 as Irish Shoppers Show Their Loyal Side The latest grocery market share figures from Kantar Worldpanel in Ireland, for the 12 weeks ending 28 January 2018, show continued growth for Irish supermarkets with branded goods leading the way. David Berry, director at Kantar Worldpanel, comments: “The recovery of branded sales began in late 2017 and has continued apace in the new year. Sales [...]...

Resilient Interim Performance By ABF

Resilient Interim Performance By ABF
April 25
12:13 2014

Associated British Foods has reported a 1% increase in adjusted operating profit to £497 million for the 24 weeks ended 1 March 2014, on group revenues that were 2% lower than last year at £6.2 billion. At constant currency, first half profits were 2% ahead and when further adjusted for businesses disposed of last year, were 3% higher. Revenues from continuing operations at constant currency were 1% ahead.

Strong performances from the Primark retail business and the Grocery division and an encouraging improvement at Ingredients more than offset a substantially lower profit from Sugar. Together with the benefit of lower interest and tax charges, adjusted earnings per share increased by 10%.

George Weston, chief executive of Associated British Foods, says: “The group as a whole has delivered a very resilient operational and financial result at a challenging time of transition for our European sugar business.”

At AB Sugar, agricultural performance was much improved, many factories achieved record results and cost savings were successfully delivered by a continuous improvement and overhead reduction programme. The profit reduction was driven by low world sugar prices and a rapid change in the EU sugar market ahead of regime reform in 2017. According to ABF, its EU sugar operations are well placed to succeed in the post-reform environment with highly efficient and well-invested factories. Africa continues to offer low-cost production and growth opportunities, and profitability inChinawill improve as ABF’s investment in agricultural development yields sustainable benefit.

Grocery benefited from much-improved profitability at George Weston Foods in Australia and a stronger performance from the oils business at ACH in North America. Twinings Ovaltine achieved further growth but profit from the UK Grocery businesses was held back by lower sugar prices and volumes at Silver Spoon.

With the benefit of no restructuring costs and an improved performance from yeast and bakery ingredients, profit at Ingredients rallied and, whilst there is still a long way to go to restore margins in this business to acceptable levels, good progress is being made.

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • February 18, 2018Vinisud
  • February 25, 2018fish international
  • February 27, 2018Int'l Food Fair
  • February 27, 2018Warsaw Gastro Show
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements